Lyons hails “excellent outcome” for Towergate as deal agreed
CEO search to start on Monday.
Alastair Lyons, chairman of Towergate, has described the joint agreement which sees unsecured creditors take control of the business as "a great outcome to what has been a difficult period for Towergate".
Under the revised plan unsecured creditors will own 80.6% of the business and secured creditors will hold 19.4% of the shares.
Towergate will see its debt reduced by 60% to £380m and receive an injection of £125m.
Confidence
Lyons also defined the new arrangement, after a series of twists and
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